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Heckerling Musings 2015 and Other Current Developments

Observations from the 49th Annual Philip E. Heckerling Institute on Estate Planning held in Orlando during the week of January 12, 2015, as well as other current developments, are summarized. A major focus of the Institute was estate planning under the “new normal” of large indexed transfer tax exemptions and portability, with an emphasis on attention to income tax issues (particularly planning about various basis issues). The summary addresses a wide variety of planning...

BESSEMER INSIGHTS

In this year-end edition, Chief Investment Officer Rebecca Patterson examines 2014 and summarizes what drove our performance during a volatile year for global markets. Then, looking ahead, she discusses what is likely to matter most for investors in 2015, particularly tighter U.S. monetary policy. She also evaluates several less broadly understood potential market catalysts, including greater public-sector stimulus in the U.S., election outcomes in Europe, and the spillover from a weakening Japanese yen.

In this edition, Chief Investment Officer Rebecca Patterson discusses the role that size can play in the investment process. What does the health of different-sized companies reveal about the broader economy? When small-cap and large-cap companies perform differently, what can that tell us about our place in the market cycle? Is it better to invest with managers who have large or small amounts of capital at their disposal—and why is it relevant? Focusing particularly on the U.S., Ms. Patterson also examines how value can lie unnoticed on the smaller end of the spectrum for various asset classes and describes Bessemer's portfolio positioning in today's environment.

Of Minds and Money: The Donald Sterling Case and Mental Capacity (August 2014)

August 2014

Recently, Los Angeles real estate mogul and billionaire Donald Sterling was forced to relinquish control of the L.A. Clippers basketball franchise when a California probate court ruled that he was mentally incapacitated. In this estate planning update, we explore the legal nuances of mental capacity through the lens of the Sterling case and offer practical tips on how to establish a clear plan in the event one’s cognitive abilities decline.

n this edition, Chief Investment Officer Rebecca Patterson applies some common sense, or “common cents,” to key questions surrounding the U.S. dollar. What drives currencies in general and the dollar in particular? What is Bessemer’s forecast now for the U.S. currency, both short and longer term? And perhaps most importantly, how do foreign exchange trends impact other asset classes and our clients’ portfolios overall? Her discussion includes Bessemer’s market views and asset allocation, looking at the second half of 2014 and beyond, and how a stronger dollar impacts our positioning.